Construction Covenants. In addition to the covenants of Borrower otherwise set forth in this Agreement, Borrower hereby agrees that, so long as any part of the Indebtedness is outstanding, unless compliance shall have been waived in writing by Lenders, Borrower shall at all times comply with the following covenants:
Construction Covenants. The Borrower hereby covenants and agrees, from the date of this Agreement, and as long as the Borrower remains indebted to the Agent and the Lenders or there exists any remaining obligation hereunder to fund the Loan Commitment Amount, as follows:
Construction Covenants. Borrower and Guarantor hereby covenant and agree ----------------------- with Lender as follows:
Construction Covenants. The following covenants apply to each Project: Construction of Project. Unless otherwise expressly agreed to by Lender, (i) construction of the Project, including delivery of materials or performance of lienable work, shall not commence before recording of the Security Instrument; (ii) construction of the Project shall commence within 30 days from the date of completion of the Project Requirements and shall be carried on diligently and without delay or interruption for more than 10 consecutive days; and (iii) the Project shall be constructed in a good and workmanlike manner, in accordance with the Plans and Specifications, the other Construction Documents (as hereinafter defined) and/or the Construction Budget submitted to Lender, and in compliance with all applicable statutes, ordinances, codes, regulations and restrictions. “Construction Documents” shall mean all construction contracts, contracts with architects, engineers or other design professionals, Plans and Specifications, drawings, budgets, bonds and other agreements pertaining to construction of the Project all engineering, soil and other reports and studies and all surveys pertaining thereto and or required by Lender’s Inspector, together with all modifications and additions thereto.
Construction Covenants. With respect to each of the Construction Projects:
Construction Covenants. 61 Article 7 INFORMATION AND REPORTING REQUIREMENTS..............................................................63 7.1 Financial and Business Information.........................................................63 7.2 Compliance Certificates....................................................................66 Article 8 CONDITIONS..........................................................................................67 8.1 The Effective Date.........................................................................67 8.2 Any Advance................................................................................69 Article 9 EVENTS OF DEFAULT AND REMEDIES UPON EVENT OF DEFAULT................................................70 9.1 Events of Default..........................................................................70 9.2 Remedies Upon Event of Default.............................................................72
Construction Covenants. (a) Make any change to the Plans or Budget which would (i) result in any material change in the scope of the Expansion Project, or (ii) delete or materially amend any of the amenities described on Schedule 6.19.
Construction Covenants. 3- 5.1 PLANS AND SPECIFICATIONS; PROJECT BUDGET . . . . . -3- 5.2 COMPLETION OF PROJECT . . . . . . . . . . . . . . -3- 5.3
Construction Covenants. With respect to each of the Construction Projects: (i) the applicable Seller thereof will diligently pursue the construction of the Improvements thereof and installation of the required Tangible Personal Property therein and diligently pursue the completion thereof in a good and workmanlike manner and in substantial compliance with the Approved Plans and Specifications, Approved Finish Schedule (with respect to the Xxxxxx Property, the 1160 Xxxxxxx Property, and the Xxxxx Xxxx Xxxxx 0 Property only) and all applicable laws, ordinances, rules, regulations of governmental and other appropriate authorities having jurisdiction over the Property, to the extent in force and effect as of the date of issuance of building permits (collectively, “Requirements”); (ii) the applicable Seller thereof will submit to Buyer once during each month until the Closing for such Construction Project: (i) a detailed and itemized description of the completed work and any existing or proposed deviations from, or amendments or additions to, the Approved Plans and Specifications or Approved Finish Schedule (for the Xxxxxx Property, the 1160 Xxxxxxx Property, and the Alpha Mill Phase 2 Property only); (ii) copies of any complete draw package submitted to the construction lender for such Construction Project in 21 connection with construction financing of any kind; (iii) complete copies of any change orders under any construction contract for such Construction Project; (iv) any FF&E proposal that is subject to Buyer's review and approval; and (v) an updated rent roll for such Construction Project with lease up summary; and (iii) no Seller of a Construction Project shall modify the Approved Plans and Specifications for such Construction Project in any material respect without Buyer's prior written approval, which shall not be unreasonably withheld, conditioned or delayed; provided that Buyer's consent shall not be required for any changes to the applicable Approved Plans and Specifications required by any applicable Government Authority for the issuance of a final certificate of occupancy for such Construction Project. (h)
Construction Covenants e. Owner shall promptly notify the Agency of any and all changes whatsoever in the identity of the parties in control of Owner or the degree thereof, of which it or any of its officers have been notified or otherwise have knowledge or information. Except for Permitted Transfers, this Agreement may be terminated by the Agency if there is any significant change (voluntary or involuntary) in membership, management or control of Owner (other than such changes occasioned by the death or incapacity of any individual) prior to full reconveyance of the Agency Deed of Trust. In the event, prior to full reconveyance of the Agency Deed of Trust, of the death or incapacity of any individual who owns or controls Owner or the general partner of Owner, any resulting change in the management of the Project or the control of the day-to-day operations of the Property and the Affordable Units shall be subject to the Agency’s approval, which shall not be unreasonably withheld, conditioned or delayed.
